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December 22, 2024 Clear | 15°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title XV REGULATION OF TRADE
  4. Chapter 106 UNIFORM COMMERCIAL CODE
  5. Article 3 NEGOTIABLE INSTRUMENTS
  6. Section 3-408 Drawee not Liable on Unaccepted Draft

Section 3-408

Section 3-408: Drawee not Liable on Unaccepted Draft

Section 3–408. A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.